Slack demand and weak Malaysian palm oil futures dragged the domestic edible oils markets.
In a market where activities were limited, palmolein dropped by Re 1 and rapeseed oil declined by Rs 4 for 10 kg. Groundnut oil lost Rs 10 on higher selling. Soyabean, sunflower and cotton oil ruled unchanged, said sources.
Sources said that due to absence of retail demand stockists preferred to stay away from fresh buying and preferred to fulfil the old commitments.
Volumes were subdued and isolated as resellers quoted lower rates. In palmolein, a wide price gap between refineries kept the buyers away. During the day, a meagre 80-100 tonnes of palmolein were traded.
A broker said that mustard seed arrivals were 6.10 lakh bags (previous day 6.20 lakh bags) and the prices were Rs 3,350-3,500 a quintal.
Soyabean arrivals were 40,000-45,000 bags in Madhya Pradesh and 10,000-12,000 bags in Rajasthan.
In Indore soyabean price was Rs 3,800-3,900 ex mandi and Rs 3,900-4,000 plant delivery.
Towards the day’s close, Liberty was quoting palmolein at Rs 511-514, super palmolein Rs 545 and sunflower refined oil Rs 780. Ruchi was quoting palmolein at Rs 513 ex Patalganga, soyabean refined oil Rs 675 and sunflower refined oil Rs 765. Allana was quoting super palmolein at Rs 545. Resalers were quoting Rs 508-509 for ready delivery while an upcountry refiner was quoting palmolein at Rs 503 for May delivery. In Saurashtra – Rajkot, groundnut oil was Rs 1,875 (Rs 1,875) for telia tin and Rs 1,225 (Rs 1,220) for loose (10 kg).
Malaysian BMD crude palm oil’s May futures settled lower at MYR 2,253 (MYR 2,284), June at MYR 2,270 (MYR 2,297) and July at MYR 2,276 (MYR 2,301) a tonne.
The Bombay Commodity Exchange spot rates (Rs/10 kg): groundnut oil 1,210 (1,200), soya refined oil 675 (675), sunflower exp. ref. 685 (685), sunflower ref. 770 (775), rapeseed ref. oil 706 (710), rapeseed expeller ref. 676 (680) cottonseed ref. oil 645(645) and palmolein 509 (510).
Vikram Global Commodities, Chennai has quoted Malaysian super palmolein at Rs 550 ex-Chennai; $913 (cif) JNPT April delivery; $910 JNPT, May delivery; $912 Haldia, April delivery and $910 Haldia, May delivery.